From Forbes

HCC Insurance Holdings Inc. on Wednesday said it will expand its specialty insurance products by acquiring a unit of General Motors Acceptance Corp.

The Houston-based company - which sells specialized property and casualty insurance - did not release terms of the deal to acquire MIC Life Insurance Corp. The insurer, which currently is inactive but has a license to conduct business in all states except New York, is part of GMAC Insurance Holdings Inc.

"The addition of a second life company to the HCC group will provide increased flexibility to continue expanding our specialty life, accident and health insurance products," said Chairman and Chief Executive Officer Stephen Way said in a statement.

Shares of HCC fell 20 cents to $27.32 in afternoon trading on the New York Stock Exchange. General Motors shares added 17 cents to $26.59 on the NYSE.

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